Odisha BJD MPs submit memo against Nalco divestment

Protesting against the decision of the Centre to disinvest 10 percent of its stake in Navratna PSU Nalco, 23 BJD MPs from Odisha submitted a memorandum to Union Mines minister Narendra Singh Tomar in New Delhi on Friday.

“All BJD MPs submitted a signed memorandum to the Union minister in protest against the decision of the Centre”, Bhartruhari Mahatab, leader of the BJD Parliamentary Party, told reporters later.

“There is no need for disinvestment of Nalco. While the NDA government at the Centre is trying it now, the previous UPA government had also made a similar attempt. I hope that the memorandum submitted by the BJD will have some effect on the Centre,” he added.

He said the Union minister, in his reply, said the decision had been taken by the Finance ministry as the Centre had decided to disinvest capital from Nalco and improve its fiscal situation.

“But our contention is when a company is earning profit since its inception and is bracketed among the Navratna group of companies, there is no need for its disinvestment. Rather, the Centre should sell off sick and loss-making companies to offset the loss. Selling off the capital of a profit-making company is like selling the family silver,” Mahatab noted.

The Cabinet Committee on Economic Affairs had a taken a decision in this regard at a meeting in New Delhi last month.